For the boring codgers like me best 10 year Mortgage  fixed at 3.99% APR - £1499 @ Barclays
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For the boring codgers like me best 10 year Mortgage fixed at 3.99% APR - £1499 @ Barclays

66
Found 13th Oct 2014
I know it is not for most but I thought I would post this.
It is £1499 to fix at 3.99 for ten years.
I fully respect that a lot of the forum users are far more financially savy than me but I don't have great skills at playing the system and would rather fix now before things change.
It is the cheapest that I have seen in the OK for a ten year fix.

66 Comments

Hey Mr Codger your link don't work !
Edited by: "cyclone111" 13th Oct 2014

Fix what???

interest rate - fixed at 3.99%APR on mortgage

Thats a hot 10 year fix! Fees high but it is over a 10 year period so.

I think it must be the Woolwich which is for new mortgages or remortgages. Need a 25% deposit though ...

Good rate considering Interest rates are set to go up in the future.
25% is a lot to find for a deposit though
Edited by: "javea" 13th Oct 2014

dippyem

Don't know what's gone wrong.Try … Don't know what's gone wrong.Try thishttp://www.barclays.co.uk/Mortgage/Woolwichfixedratemortgages/P1242573973345?refsite=google2&WT.mc_id=768216869120566-&campaign=cmpid8250&chnnl=PSB&mpch=ads



Looks like an affilated link, try a direct link

5yr fxd aren't much lower than this and need to think where rates will be in 5 years and what rate you might be on for the next 5 years. Then weigh up the saving now on a 5 year fixed v the extra you might pay on the next 5yr fxd. And you can't pay more than £1499 for the setup of both mortgages. Seems a good deal to me.

barclays.co.uk/Mor…470 is the right option page but looks like it will not go through as its linked from hot deals referral system so copy the internet address and paste it in to a open tab and it will work.
Edited by: "Bades" 13th Oct 2014

When i got my first mortgage over 4 years ago, interest rates were due to go then.

they still haven't.:|

i just got a 2 year tracker @ 1.85% saved me over £150 month./ probably go up now (_;)

Good deal, shame I don't think I'll ever be able to afford to buy

Hmm decisions decisions, was just about to fix for 2 years

Fixed rate mortgages aren't about trying to beat the the rates, you won't. Any future price increase is already priced in.

The whole point of a fixed rate mortgage is so that you know what your payments are going to be for that period of time, regardless of what happens in the market.

Price wise, you need to remember that as your mortgage is paid off, the amount of money that you owe decreases (the Loan to Value). As your LTV decreases you become eligible for lower rates, as you are deemed a lower risk, so even though this rate might look good on the face of things, it could end up being quite expensive.

You also need to consider any early repayment charges, if you are thinking of moving in the near future, it could end up expensive getting out of this deal if you need to.

If you are in any doubt then find an independent mortgage broker. There are plenty that don't charge a fee for advice if that is important to you.

Will these high arrangement fees be the next thing banks get fined for, and start off loads of phone calls to reclaim your fees?

inkz your right don't pay broker fees

I don't charge any broker fees

Wow 6% Rarly repayment charge in initial 7 years then 3% for last 3 years

Serious read the t&c as a divorce / house move could seriously dent any percieved saving

High fees but if you can commit for such a long period it does offer great stability.

Think I.ll stick to my tracker.. Although if I was looking for a long term mortgage and security this looks good,
Not ideal for all circumstances, best speak to a financial advisor..

Seems a low rate, but severe penalies
Edited by: "whatyadoinsucka" 13th Oct 2014

you really need to work out if this will give you any savings, as they are some high fees...

10YEARS at 3.99%?? they know something we dont? maybe interest arent going up?

I went on variable tracker about 7 years ago. The interest rate steadily dropped and my rate now stands at a measly 0.69% as the fees and terms for arrangement of the mortgage were daylight robbery, so I took a gamble on the rate never going higher than a fixed rate which it still has not thus saving £££'s in the process..

I fixed my first mortgage for 10 years with barclays in 2006 @ 4.67%. cant wait for 2016 when my mortgage goes down to 0.95% variable above base. it was 5% deposit at the time

montana78

10YEARS at 3.99%?? they know something we dont? maybe interest arent … 10YEARS at 3.99%?? they know something we dont? maybe interest arent going up?



if they went up we would be paying more on interest payments on uk debt than we pay for the nhs

personally i cannot see base rates going above 1% for the next 5 years

but then i do not have a time machine?!?

My 5 yr fixed with NatWest ends next Summer, so we're on the look-out for any good long term rates.
It's a calculated gamble though. When our current deal ends, we will be on a nice lower variable rate, which will save us some money compared to our current payments. However the concern is how quickly we can then find a good fixed deal when rates do inevitibly rise.
I'm more than happy to commit to long term fixed because it means I never have to worry about if/when the rates change and what I will have to cover it with.
Only got 14 yrs left next year, so a 10 year option is ideal.
Edited by: "WalkerboyUK" 13th Oct 2014

check out yorkshire building society. I think the 10 year fixed rate has now increased slightly but i got mine 6 months ago at 3.89% with no setup costs. You needed a 25% deposit though

norbs121

I went on variable tracker about 7 years ago. The interest rate steadily … I went on variable tracker about 7 years ago. The interest rate steadily dropped and my rate now stands at a measly 0.69% as the fees and terms for arrangement of the mortgage were daylight robbery, so I took a gamble on the rate never going higher than a fixed rate which it still has not thus saving £££'s in the process..



But did you save those £s or did you just spend them??

People seem to be giving financial advice and your not regulated by the f c a you are commiting a criminal offence!!!!

I got a 5 year fixed last month for 3.19% with no fee from ulster bank
I refused to take a mortgage any fees, they are getting interest, is that not enough for them ?

InkZ

Fixed rate mortgages aren't about trying to beat the the rates, you … Fixed rate mortgages aren't about trying to beat the the rates, you won't. Any future price increase is already priced in.The whole point of a fixed rate mortgage is so that you know what your payments are going to be for that period of time, regardless of what happens in the market.Price wise, you need to remember that as your mortgage is paid off, the amount of money that you owe decreases (the Loan to Value). As your LTV decreases you become eligible for lower rates, as you are deemed a lower risk, so even though this rate might look good on the face of things, it could end up being quite expensive.You also need to consider any early repayment charges, if you are thinking of moving in the near future, it could end up expensive getting out of this deal if you need to.If you are in any doubt then find an independent mortgage broker. There are plenty that don't charge a fee for advice if that is important to you.



What difference does it make if you move?

Biggest problem with these deals are the early repayment charges, some deals are portable if you move but if their is a matrimonial split or change in circumstances then watch out. Fixed rates are all about budgeting nothing more nothing less. And to the guy who says find a broker that does not charge I find that a bit odd. I assume he is happy to pay the lender but not the broker who saves him time and money. There is no such thing as something for nothing and something purporting to be free rarely is.

Worth considering but check the T's and C's very carefully

norbs121

I went on variable tracker about 7 years ago. The interest rate steadily … I went on variable tracker about 7 years ago. The interest rate steadily dropped and my rate now stands at a measly 0.69% as the fees and terms for arrangement of the mortgage were daylight robbery, so I took a gamble on the rate never going higher than a fixed rate which it still has not thus saving £££'s in the process..


Wow. I thought we were doing well at 1.39%
Although we've been making overpayments for the past 4 years. Only another 6 years to go, then mortgage free. WOOHOO !

Paying 1.99% now on £188k at 60%ltv - 3 year deal..

So £855 a month at the minute...


For 3.99% that'd be £1053... Plus £1499 setup...

Assuming rates rise by 0.5% pa average over a 10 year cycle it'd take me 4 years to reach 3.99% - by which point i would have paid 10k more than a current leading deal... Plus the arrangement... At current rates...

I would imagine rates will start to rise in 2015 ... But by 0.5% a year... Every year? I doubt it... But, it's all guess work isnt it.

My advice would be to get the lowest rate you can now for the next 2-3 years and overpay your mortgage at the 4-5% rate - as rates gently creep up by 0.25% here and there then look towards the 5 year plus deals.

But hey, if youre taking advice off an internet stranger then you're buggared!

jameskent2957

People seem to be giving financial advice and your not regulated by the f … People seem to be giving financial advice and your not regulated by the f c a you are commiting a criminal offence!!!!


I.m sure the fca or whatever there name is next week have bigger fish to fry than a few opinions on hukd

I spoke to 3 financial advisors on taking my first mortgage two of them got it absolutely wrong, the third listened and advised well, never looked back, as half my mortgage has gone In under 5 years.

A good advisor is worth there weight in gold
Edited by: "whatyadoinsucka" 13th Oct 2014

jimm1364

Biggest problem with these deals are the early repayment charges, some … Biggest problem with these deals are the early repayment charges, some deals are portable if you move but if their is a matrimonial split or change in circumstances then watch out. Fixed rates are all about budgeting nothing more nothing less. And to the guy who says find a broker that does not charge I find that a bit odd. I assume he is happy to pay the lender but not the broker who saves him time and money. There is no such thing as something for nothing and something purporting to be free rarely is.



There are brokers out there that don't charge as they just take their commission from the lender, there aren't many left that don't charge but they do exist!

10 year fixed at that rate is good peace of mind for people who are unlikely to have the need to jump out of it and have that sort of time left on their mortgage.

I agree Im a first time buy and had to settle for 5yr fixed at 4.5% 90% LTV got 3 years left and will be looking out for a flexible but as other people have mentioned you sometimes get a broker who gets paid by the lender not by you.

There's a few in my area that operate like that.

I tied in with Barclays/Woolwich 6.5 yrs ago at 5.29%....worst mistake ever! Still got 3.5 yrs left

markdf

I agree Im a first time buy and had to settle for 5yr fixed at 4.5% 90% … I agree Im a first time buy and had to settle for 5yr fixed at 4.5% 90% LTV got 3 years left and will be looking out for a flexible but as other people have mentioned you sometimes get a broker who gets paid by the lender not by you.There's a few in my area that operate like that.



So will the broker get you the best deal or the one that's pretty good but pays a nice commission
Edited by: "dodgymix" 13th Oct 2014

There was good item recently about 5 year fixes at thisismoney.co.uk/mon…tml

I think the certainty of a LONG TERM fix (i.e. 5years++) is quite attractive. It provides a degree of insurance against rates getting unaffordably high. The price you pay (effectively the insurance premium) is a slightly higher interest rate (above a current variable rate mortgage).

So, it all comes down to expectations about interest rates. A number of folks have said rates will rise next year. Rates are mainly driven by central bank rates (in the UK mainly by the Bank of England) but ultimately controlled by financial markets - this is why mortgage rates have been up and down even though the BoE rate has been unchanged for 5+ years.

Financial market rates have recently gone down due to a global investment migration from "risk on" to "risk off" (big money is getting nervous that in spite of massive financial stimulus the global economic growth is anemic, so it is starting to move from higher risk equities into government bonds). It may be that this trend is not yet complete, and even if it were static for a few weeks the lower market rates have probably not yet fully flowed through to the mortgage market. My guess, and it's only a guess - not advice (_;), is that there may be a few more great fixed rates deals to come in the next few weeks.... And if that proves to be the case then 10-20 year fixes at generationally low rates *might*, for the people who like certainty, be the bargain of a lifetime.

Finally for anyone interested in the big picture a financial commentator called Jim Rickards is one of the very best. His commentary here is fascinating as to what is really happening with interest rates, inflation and deflation. In answer to the question when does he see rates rising is "Not in my lifetime!". Whilst he is talking about the US economy, this is arguably in a better shape than the UK and might just as well be an observation for us too. (Arguably we are in much worse shape as the other main influence on our future is Europe which is on the point of a deflationary crisis). Food for thought.
bloomberg.com/vid…tml
Edited by: "qyestionmark" 13th Oct 2014
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